Photo/Illutration Prime Minister Fumio Kishida, sixth from right, welcomes executives from global semiconductor makers at his office on May 18. (Ikuro Aiba)

Prime Minister Fumio Kishida met global leaders of the semiconductor sector ahead of the Group of Seven summit in Hiroshima to secure support in reviving Japan's once-formidable chip industry.

“It was a rare, great opportunity to discuss investment programs involving Japanese companies, as well as cooperation in developing next-generation chips,” Kishida said on May 18.

Kishida invited to the prime minister’s office in Tokyo executives from seven companies that lead the industry: Taiwan Semiconductor Manufacturing Co. (TSMC), Samsung Electronics Co., Intel Corp., Micron Technology Inc., IBM, Applied Materials Inc. and Imec.

He said he received positive responses from the executives on future cooperation.

Kishida also pledged more support for chipmakers, including steps to attract more foreign investment, as part of the government's upcoming key fiscal and economic policy outline.

The prime minister is calling for a stronger supply chain for the industry, which he said should play a vital role in ensuring Japan’s economic security.

Japanese chipmakers dominated the global market in the 1980s before gradually losing its leading position to U.S., Taiwanese and South Korean manufacturers.

Kishida has pledged more investment in new factories, including a subsidy of up to 476 billion yen ($3.46 billion) for TSMC’s new plant in Kumamoto Prefecture.

Other projects include the first plant of joint startup Rapidus Corp., which will receive 330 billion yen from the government.

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